The announcement came nearly three months after Zurich abandoned its pursuit of a smaller British rival, RSA Insurance Group, citing expectations of weaker profit, particularly in its general insurance unit.

In the new deal, Zurich would pay Wells Fargo $675 million plus the amount of excess capital in Rural Community Insurance Services at the time of closing. Zurich estimates that amount could be as much as $375 million.

Zurich has about $3 billion in excess capital that it plans to invest in its business or return to its investors by the end of 2016.

The transaction is subject to regulatory approval and is expected to close in the first quarter.

Zurich, one of the largest insurers in Europe, said the acquisition of the insurance agency and its subsidiary Rural Community Insurance Company would expand and diversify its portfolio of commercial insurance services in North America. The companies are collectively known as Rural Community Insurance Services.

“Zurich has been a part of American business for more than 100 years, and that means we understand the importance of farmers and the agriculture industry to the American economy,” Michael T. Foley, the chief executive of Zurich’s North American commercial business and regional chairman of its North American business, said in a news release.

Rural Community Insurance Services is one of the largest crop insurance providers in the United States. It posted $2.1 billion in gross written premiums in 2014.

Zurich American Insurance Company, a unit of the Zurich group, has had a relationship with Rural Community Insurance Services since 1992.

“The sale of our longstanding crop insurance business allows us to focus on and strengthen our distribution businesses, which account for approximately two-thirds of our insurance revenue,” Laura Schupbach, head of Wells Fargo Insurance, said in a news release.

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